As a result of rate-fixing scandals and overall inefficiencies, the London Interbank Offered Rate (LIBOR) which is used to set pricing for over $200 trillion in financial products is being replaced after 2021. The Secured Overnight Financing Rate (SOFR) is emerging as a top contender for the alternative in the US but replacing such an integral component of financial services operations leaves many questions. How will organisations plan for the transition? What are the overarching implications? Join this session to better understand what the LIBOR transition will mean for your institution and proactive steps that can be taken to accelerate transition plans.
Key Learning Points:
- Discuss the factors contributing to LIBOR replacement and define the implications of transitioning to SOFR
- Outline a timeline for transition and identify key areas of prioritisation (i.e. inventorying of contracts, impact assessment, etc.)
- Describe common pitfalls and challenges of the transition across front, middle, and back offices
- Discover how the use of innovative technologies can accelerate the transition
Original Webinar Date:
Wednesday, May 9, 2019
Todd is a Managing Director within Protiviti’s Risk and Compliance practise. Todd focuses on risk modeling and model validation for Credit Risk , Conduct, Operational, and Market Risk. Recently, Todd has supported stress testing model development, validation and internal audit at more than 15 major banks. He has also led model validations for all major Anti-Money Laundering systems. He has developed model governance processes and risk quantification processes for the world’s largest financial institutions and is an SME for internal audit of the model risk management function.
Doug is a Managing Director in Protiviti’s Risk and Compliance practise. Doug has over twenty years experience in financial services / capital markets and has worked on large scale consulting projects that range from financial close optimisation to organisation change management to large regulatory / technology projects for large banks, broker dealers and custodians.
Nick is a Manager within Protiviti’s Risk and Compliance practise. Nick has more than five years of business experience working with a variety of financial service organisations to enhance their model risk management and governance. Nick’s work has primarily focused on model audit and quality assurance reviews, with an emphasis on regulatory guidance for stress testing and capital adequacy.
Mike is a Senior Consultant within Protiviti’s Risk and Compliance practise. Michael’s work has primarily focused on model audit, with an emphasis on regulatory guidance for stress testing and capital adequacy. In addition, Michael has experience in executing model validations